Olshan Realty

Marketing time for $4M-plus pads stretches to 311 days: Olshan The average discount from June 13-19 was 11%

From top: 18 East 69th Street and 150 Charles Street #8AS

Good things come to those who wait? The luxury market logged 35 contracts sig上海千花社区 上海千花网交友ned on properties $4 million and up last week – a year-to-date record – thanks to properties lingering on the market just long enough to finally sell, according to Olshan Realty.

Properties spent an average of 311 days on the market, which prompted sellers to “face reality and drop their prices,” the report said. For the week of June 13-19, the total weekly asking price sales volume was $258.8 million, with an average asking price of $7.7 million and average discount of 11 percent.

The luxury market is bloated and choking with a lot of over-pr上海千花社区 上海千花网交友iced inventory, but once sellers capitulate and adjust to realistic price levels, the market moves,” the report stated.

Last week, the top contract was a townhouse at 18 East 69th Street that hit the market last summer at $26 million. Most recently, the 24-foot house, which measures 7,831 square feet, was asking $22 million. It was purchased for $13.25 million in 2012 and then gut renovated 上海贵族宝贝 上海千花网龙凤论坛and subdivided into a retail store, duplex three-bedroom and penthouse two-bedroom.

The No. 2 contract 阿拉爱上海同城 爱上海龙凤419桑拿was a condo at 150 Charles Street asking爱上海同城 爱上海 $19.5 million. The 3,629-square-foot pad was purchased for $16.8 million in January and hit the market in May. [Olshan Realty] – E.B. Solomont

Tags: donna olshan, NYC Luxury Market, olshan realty
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NYC Rent Prices

Renters are increasingly rejecting the surge in rental prices in Manhattan. 

In September, the median rental price fell 1.2 percent to $3,396 year-over-year, according to a report from Douglas Elliman Real Estate released on Thursday. This was only the second time in 2016 th爱上海同城手机版 新爱上海同城对对碰论坛at the median rent fell. It was flat in August, Bloomberg noted.

A quarterly report from the same firm released earlier in October showed that the number of sales fell 18.6上海千花网交友 上海千花网论坛 percent in the third quarter.

Manhattan s housing market is still far from crashing. In fact, Douglas Elliman reported a significant number of new leases signed, which is a sign of strong tenant demand.

But these declines show that buyers and renters are increasingly rejecting prices that they think are too high. Prices fell the most in September, by about 3 percent, in the luxury end of the market; rents were flat in the category with the cheapest apartments.

The glut 爱上海 爱上海同城手机版of new construction is partly why renters are pushing back. Not only do they have more choices, but the extra supply – especially of luxury homes — is containing the surge in prices.

Also, more landlords are offering potential tenants discounts like a month of free rent, giving tenants more bargaining power while they re apartment hunting. The share of new leases with concessions was 15.1 percent in September, the most for上海龙凤论坛sh1f 上海龙凤论坛 that month since 2010 according to Bloomberg.

Douglas Elliman fo新爱上海同城对对碰论坛 上海同城对对碰交友社区und that it took longer for landlords to find tenants. The number of days that units were listed for increased by 12.8 percent to 44 in September.

The firm also said the median rental price in Brooklyn rose by 2.4 percent to $2,949 in September.

Tags: Rent Regulations
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Web sites snapping up co

Shortly after co-op sale prices became public for the first time, PropertyShark.com, a real estate data company based in Brooklyn上海千花网论坛 上海千花网, plucked the numbers from the city s online database. It s only a matter of time before many others follow suit.

PropertyShark.com incorporated the data into its site on Aug. 2, a day after the city made the information available through a law passed in July. Unlike real estate brokers, who have not looked to the city for the data because they were already acquiring the prices on their own, PropertyShark.com took full advantage of the new information.

Co-op sales prices is really the holy grail of Manhattan real estate, said Ryan Slack, CEO of P爱上海同城论坛 爱上海同城ropertyShark.com. And the city s Department of Finance system the Automated City Register Information System, known as ACRIS is just not obvious to most people.

PropertyShark.com offers an easier system to navigate and a more comprehensive view of the property than ACRIS does. The site allows users to read a description of the property, see school district information, neighborhood police reports, building photos, interactive maps and code violations.

I think the most important part is the way we combine sources of data into one place, Slack said. It s a classic one-stop shop. 上海千花网论坛 上海千花网That s just something you will never be able to do on ACRIS.

Another online real estate service, Zillow.com, provides data and valuations of homes nationwide. It s still seen as a work in progress, particularly because its price information isn t always accurate, according to users who have reviewed the site. It, too, plans to use the newly disclosed co-op information.

We think this is fantastic news for consumers, said Amy Bohutinsky, Zillow s director of communications. Having free and available access to real estate information, such as prior transactions of homes, allows consumers to better research the value of homes and become smarter in the real estate process.

The newly accessible price data will help Zillow.com continue to show historical transactions and also to calculate our Zestimates like we do in many parts of this country where this type of information has always been a part of public record, Bohutinsky said. We are currently looking into the best way to integrate this information with our site. Zillow will continue its policy of not posting a property s ownership information, she said.

Some businesses said it was premature to decide whether they would work in the data. We re kind of taking a wait-and-see approach, said Jeff Wolk, president of the Manhattan Multiple Listing Service, a service of the Manhattan Association of Realtors. Ease of use is certainly one of the biggest issues.

Though the association has not ruled out the possibility of introducing the city s data, Wolk said he does not anticipate such a move because the MLS s sale numbers only reflect its own users business.

Michael Slattery, head of research for the Real Estate Board of New York, also sai[……]

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80

80-90 Maiden Lane, Normandy s David Welsh

Normandy Real Estate paid $54 million to increase its stake in two Financial District office towers, according to property records filed with上海夜网论坛 上海夜网 the city Wednesday.上海贵族宝贝交流区 上海贵族宝贝论坛

The buildings, 80 and 90 Maiden Lane, span 583,000 square feet. Robert Wolf’s Read 上海千花网 爱上海同城对对碰Property Group and the Chetrit Group were the property’s sole owners until 2014, when Normandy and Kushner Companies joined the club and bought a 50 percent stake.

It was not immediately clear if Read and Kushner were entirely bought out as a result of the latest deal.

A $145 million debt on the property, previously in the names of Normandy, Read and Kushne上海夜网论坛 上海夜网r, is now in Normandy’s name only, property records show.

When Kushner and Normandy first bought a stake in 2015, they valued the building in 2015.

Tags: Commercial Real Estate, kushner companies
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Trump Organization India

Trump Organization to launch two new projects in India Both residential buildings, the luxury 上海龙凤论坛 新上海贵族宝贝论坛units come in an awkward time

(Gage Skidmore)

Amid ongoing concerns over President Trum上海夜网论坛 上海夜网p s ties with foreign governments, the Trump Organization, under the leadership of Donald Jr., is preparing to launch a pair of projects in India.

The luxury residence building in the city上海千花网龙凤论坛 上海千花社区 of Kolkata will begin selling at up to $765,000, while apartments in Trump s upcoming building in the New Delhi suburb of Gurgaon will begin at $1.8 million, according to the Washington Post. The deals on both projects were made before Trump was elected president.

We are long-term, extremely bullish on India, the Trump Organization wrote via an written statement to the Post. We are optimistic about the future and very proud of our existing presence in the market.

However local real estate experts are scratching their head; Mumbai-based managing director of a proper上海贵族宝贝交流区 上海贵族宝贝论坛ty rating and research firm, Pankaj Kapoor, said India s luxury housing market has been in distress. In Kolkata alone there are 428 unsold luxury apartments.

Prices for the last four years haven t gone up, inventory has grown and sales have been really bad, she told the Post.

Since 2014, the Trump Organization has earned up to 11 million in royalties from licensing agreements in India.爱上海同城手机版 新爱上海同城对对碰论坛

[Washington Post] E.K. Hudson

Tags: Donald Trump, donald trump jr, Residential Real Estate
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Los Angeles Real Estate Lawsuits

The juiciest real estate lawsuits of 2017 Featuring a Ponzi scheme, drug-fueled partying and … Whole Foods

Mike Arnold, Neil Shekhter, Andrew Florence, Ben Bacal, Robert Shapiro (Credit: Pixabay, Public Domain Pictures)

UPDATED, Friday, December 29, 2017, 9:25 a.m.: The year proved to be a tough one for many in Tinseltown, as it was filled with a series of sexual harassment scandals that brought down many men in power (not to mention the devastating wildfires). The world of real estate was not spared the drama, as 2017 brought about some of the juiciest lawsuits in years — featuring everything from an alleged Ponzi scheme to claims of drug running.

The Real Deal kept a vigilant eye of what was occurring in the courtroom this year.

1.) Billion-dollar fraud

The Woodbridge Group of Companies stands accused of running a Ponzi scheme that duped more than 8,000 investors, with leader Robert Shapiro now facing a $1.2 billion lawsuit from the Securities and Exchange Commission. The mega-mansion developer also dragged residential brokerage Mercer Vine through the mud, with the SEC labeling the boutique brokerage a “relief defendant” in the case. We’ll be seeing how this one pans out well into the New Year.

2.) Sexual harassment and cocaine-filled cars

It wouldn’t be 2017 if there wasn’t at least on上海夜网 阿爱上海同城e sexual harassment lawsuit on the list. An anonymous former employee of Newmark Grubb Knight Frank filed a behemoth complaint against the brokerage and its former managing director, Mike Arnold, in April. In the suit, the female former staffer — with the help of Michael Jackson’s former celebrity attorney, Mark Geragos — claims she was sexually harassed, discriminated against and wron爱上海 爱上海同城手机版gfully terminated from the firm. Oh, and that conference all the real上海夜网 阿爱上海同城 estate pros attend in Vegas? She claims it was a drug-fueled event where employees engaged in debauchery on the company dime, including managers pressuring junior employees to drive cocaine across state lines. The case is still pending.

3.) Broker tug-of-war

Former partners Ben Bacal and Ryan Davis continued to battle it out in the courtroom over an unresolved payout on four different properties, including the luxurious 1 Electra Court. Davis, now at Compass, filed the lawsuit in 2013, alleging Bacal broke their agreement to go Dutch on the commission they earned while at Sotheby’s International Realty. Combined, the properties are valued at $96 million. Last we heard, Bacal’s lawyers were petitioning for the case to move into arbitration — and out of the eyes of the press.

4.) A coast-to-coast, transpacific EB-5 swindle

In a recent lawsuit, Los Angeles-based 8th Bridge Capital was sued for allegedly swindling an Atlanta firm, Southeast Regional Center, out of profits earned from marketing projects overseas. SRC owner Moses Choi claims 8th Bridge head Young Hun Kim used over h阿拉爱上海同城 爱上海龙凤419桑拿alf a million dollars of Choi’s personal funds to market EB-5 projects in Asia, among other shady activities. Among those pro[……]

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Factory Building LIC

Partners Group, Atlas buy out Square Mile at Factory Building in $400M deal Square Mile Capital exited the LIC office-and-retail property

Square Mile Capital sold its stake in the Factory Building in Long Island City to Partners 爱上海龙凤419桑拿 上海龙凤论坛sh1fGroup and Atlas Capital 上海千花网龙凤论坛 上海千花社区Group in a deal valuing the property at $400 million, sources told The Real Deal.

Square Mile and Atlas previously owned a combined 51 percent stake in the 1 million-square-foot office-and-retail property, sources said. Atlas kept its interest and partnered with asset manager Partners Group to buy out Square Mile, increasing its overall stake in the property. Invesco Real Estate owns the remaining 49 percent.

Cushman Wakefield’s Adam Spies, Doug Harmon and Adam Doneger advised Square Mile on the deal. They declined to上海千花社区 上海千花网交友 comment, as did Atlas, Square Mile and Partners Group.

The three firms bought the building at 30-30 47th Avenue out of ba上海龙凤论坛sh1f 上海龙凤论坛nkruptcy in 2013 at a $102 million valuation. In 2016, the partners refinanced the property with a $160 million loan from Blackstone Mortgage Trust. Tenants include Macy’s, Polo Ralph Lauren, Madewell and jewelry designer Starlight Designs, which signed a 17,000-square-foot lease last year.

Partners Group owns stakes in about 350 buildings worldwide totaling $8.4 billion in value, according to Real Capital Analytics, but h爱上海同城 爱上海as no known holdings in New York City.

Atlas sold two Chelsea rental buildings for $100 million last year.

Tags: atlas capital group, Commercial Real Estate, square mile capital management
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NYC Pension Funds

NYC 上海千花社区 上海千花网交友pension funds are investing $4B into this initiative The move to invest in green tech follows a sweeping City Council pro爱上海同城手机版 新爱上海同城对对碰论坛posal from last month

Mayor Bill de Blasio and the Manhattan skyline (Credit: Getty Images)

New York City is more than doubling its environmentally-friendly investments.

The city will invest $4 billion of its pension funds into climate-change solutions including renewable energy and clean water over the next three years, the Wall Street Journal reported. Mayor Bill de Blasio and Comptroller Scott Stringer o新爱上海同城对对碰论坛 上海同城对对碰交友社区versee the more t新爱上海同城对对碰论坛 上海同城对对碰交友社区han $195 billion fund.

“We believe the market will respond, leading to greater access and lower cost for green technologies that will help us build a cleaner, safer and fairer city,” de Blasio said in a statement.

Stringer said the move will also benefit retiring workers, the report said. The green investments will offer stronger returns, he said.

The announcement comes on the heels of a proposal made last month by the City Council, which would mandate buildings to reduce carbon emissions by 20 percent between 2020 and 2030. Last month, a group of the city’s biggest developers — including SL Green Realty, Vornado Realty and Related Companies — also announced they would work toward that same goal.

Thos新上海贵族宝贝论坛 上海贵族宝贝交流区e plans would apply to more than 50,000 New York buildings of 25,000 square feet or more.

Buildings produce 75 percent of the city’s annual greenhouse gas emissions, according to city data.

Earlier this year, de Blasio and Gov. Andrew Cuomo said they would divest billions from fossil fuel companies. De Blasio also said New York City will adhere to the principles of the Paris Agreement, a global pact to reduce greenhouse gas emissions. [WSJ] — Meenal Vamburkar

 

Tags: Development, green buildings, Real Estate Finance
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Housing Data Coalition

(Credit: iStock)

Civic coders are emerging as the newest champion of New York City s tenants.

A group of hackers, dubbed the Housing Data Coalition, meet each month in Brooklyn to discuss possible data-driven projects to help tenants dealing with negligent landlords, the New York Times reported. Existing projects include an app called Heatseek, which allows tenants to record and report the temperature in their homes. The Displacement Ale爱上海 爱上海同城手机版rt Project maps out buildings at risk of displacement.

Partially inspired by discussions at meetings of the Housing Data Coalition, nonprofit technology start-up JustFix.nyc launched Who Owns What. The database looks to remove the anonymity landl阿爱上海同城 阿拉爱上海同城ords have by owning properties under different shell companies — that makes it difficult when residents from different buildings are are looking to organize against the same land上海千花社区 上海千花网交友lord. (Since limited liability companies were legalized in New York in 1994, the shell entities have become one of the mo上海同城对对碰交友社区 上海夜网论坛st dominant ways individuals and companies buy property, according to a recent analysis by The Real Deal.)

Before the database s official launch, its founders shared it with legal providers and housing advocates, and now more than 20,000 searches have been conducted on the website, according to the Ti上海千花网论坛 上海千花网mes.

“The real estate industry has many more programmers, many more developers, many more technical tools at their disposal,” Ziggy Mintz, a computer programmer and member of the coalition, told the Times. “It never quite seems fair that the tenant side of the equation doesn’t have the same tools.” [NYT] — Kathryn Brenzel

Tags: Big Data, Residential Real Estate, tenant abuse
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